Electromed (NYSE:ELMD) Stock Rating Upgraded by StockNews.com

Electromed (NYSE:ELMD) was upgraded by analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a note issued to investors on Thursday.

Separately, B. Riley initiated coverage on shares of Electromed in a research note on Thursday, February 20th. They set a “buy” rating and a $38.00 price objective on the stock.

Electromed Stock Up 1.8 %

Shares of NYSE:ELMD traded up $0.44 during midday trading on Thursday, hitting $24.99. The stock had a trading volume of 45,995 shares, compared to its average volume of 65,436. The company has a market cap of $213.84 million, a P/E ratio of 33.32 and a beta of 0.41. Electromed has a 12 month low of $13.74 and a 12 month high of $35.56. The business’s 50-day simple moving average is $29.95 and its 200-day simple moving average is $26.64.

Electromed declared that its board has approved a stock buyback plan on Monday, March 10th that authorizes the company to repurchase $5.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 2.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Andrew Summers sold 35,273 shares of the firm’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $28.83, for a total transaction of $1,016,920.59. Following the transaction, the director now directly owns 129,190 shares of the company’s stock, valued at approximately $3,724,547.70. This trade represents a 21.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kathleen Skarvan sold 8,640 shares of Electromed stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $32.25, for a total transaction of $278,640.00. Following the completion of the sale, the director now owns 71,576 shares of the company’s stock, valued at $2,308,326. This trade represents a 10.77 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 133,618 shares of company stock valued at $3,821,636. Company insiders own 14.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Russell Investments Group Ltd. acquired a new stake in Electromed during the fourth quarter worth approximately $37,000. IFP Advisors Inc bought a new stake in shares of Electromed during the 4th quarter valued at $59,000. Quantbot Technologies LP acquired a new stake in shares of Electromed during the 4th quarter worth $99,000. Bank of America Corp DE increased its position in shares of Electromed by 179.2% in the fourth quarter. Bank of America Corp DE now owns 4,004 shares of the company’s stock worth $118,000 after purchasing an additional 2,570 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Electromed in the fourth quarter valued at about $119,000. 40.82% of the stock is owned by institutional investors.

About Electromed

Electromed, Inc develops, manufactures, markets, and sells airway clearance therapy and related products that apply high frequency chest wall oscillation (HFCWO) therapy in pulmonary care for patients of various ages in the United States and internationally. The company offers SmartVest airway clearance system for patients with compromised pulmonary functions, including bronchiectasis and cystic fibrosis, as well as neuromuscular conditions, such as cerebral palsy and amyotrophic lateral sclerosis; SmartVest SQL System; SmartVest Clearway System that consists of an inflatable therapy garment, a programmable air pulse generator, and a patented single-hose that delivers air pulses from the generator to the garment to create oscillatory pressure on the chest wall; and SmartVest Connect, a wireless technology that allows data connection between physicians and patients to track therapy performance and collaborate in treatment decisions.